How Does the Right of Redemption Work as a Foreclosure Defense?

Michael Poe: An Example of a Redemption

Michael is a mobile application developer. During the economic downturn,
he was laid off from his job and fell behind on his mortgage payments.
While he was unemployed, he spent his time developing applications for
use with social media platforms. A judgment was entered against him in
his mortgage foreclosure case. The judgment amount was $385,730.00. A
month after the judgment was entered, a large social media platform offered
to purchase one of Michael's applications for integration into its website's services.

The application, which made it easier for people to find food and drink
specials in their immediate area, had become very popular in the Chicago
area. The company purchasing Michael's application gave him $750,000.00
and some stock in the company. After paying his taxes, Michael was able
to pay the judgment amount to his lender. This amount was sufficient to
redeem Michael's loan. He now owns his home free-and-clear and the foreclosure
lawsuit was dismissed.

Contact Atlas Consumer Law Today

Talk to the leading law firm in the country about your rights for Free!
Fill out the form below or give us a call at (312) 313-1613 and we would
be happy to give you the answers you need to make informed decisions for
yourself and your family.